Prepare to borrow money

- A truism for many businesses…is that things take twice as long…and cost three times as much…as you thought it would when you first set out.…So it's very possible that, at some stage in your business,…you'll need to borrow money.…First things first, if you need to borrow money,…make sure it's the business that borrows the money, not you.…No matter if it's a bank or a friend,…you need to make sure that…you're personally insulated from the debt.…If things go wrong, you need to know…that there's a line between you…and the debts that the business owes.…Also know that this strategy…only helps you if you're incorporated.…

Owners of sole proprietorships and partnerships…are personally liable for their business debts.…So if you're business is thinking…of borrowing a lot of money,…seriously consider incorporating.…And when you look at loans,…make sure you know not only…how much the loan will cost overall,…but, also, how much you'll have to pay out each month.…This depends on the interest rate of the loan…and the term of the loan.…